Question

Write a program to determine how many months it will take to pay off a $10,000 car loan with 4% interest. Choose your own monthly payment

Answer 1

# returns the (new balance, payment made this month)
def remainBalance(rate, startBalance, payment):
        newBalance = startBalance + (startBalance * rate / 100)
        if newBalance <= payment:
                return (0, newBalance)
        return (startBalance - payment + (startBalance * rate / 100), payment)

balance = 10000.0
totalPayments = 0.0
month = 0
monthlyRate = 4
monthlyPayment = 1000

while balance > 0:
        month += 1
        balance, payment = remainBalance(monthlyRate, balance, monthlyPayment)
        totalPayments += payment
        print('Month: %d, balance: %f\tPayments: %f' % (month, balance, totalPayments))

print('It takes %d months to completely pay the amount' % month)

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